HR 6306
Immediate Funds Availability Act of 2020
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
This bill temporarily changes how banks handle customer withdrawals during public health emergencies. It requires banks in states with a declared public health emergency to make the first $1,500 of deposits available for immediate withdrawal. This provision is only for existing customers who have been banking with the institution for at least six months and will expire three years after the bill’s enactment. Congress also encourages the Federal Reserve to explore a same-day check settlement system.
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